Will Florida overhaul the property tax system, potentially eliminating taxes on most owner-occupied homes? Florida voters will decide this November whether to give homeowners a bigger property tax break. If passed, Amendment 3 would increase homestead exemptions from the current $50,000 to $250,000 over two years, meaning qualifying homeowners would pay property taxes on a smaller portion of their home’s value.
The proposed constitutional amendment would increase the non-school homestead exemption from $50,000 to $150,000 in 2027 and then to $250,000 in 2028. It would also reduce the annual cap on assessment increases for non-homestead properties from 10% to 5%. A homestead property in Florida is defined as a person’s primary residence, one they must live in and own or have a primary interest in.
Amendment 3 or “Save Our Homes From Excessive Property Taxes” was passed by the Florida legislature earlier this year. Since the measure involves amending the Florida constitution, the proposal would require the approval of at least 60 percent of voters to pass in November.
Supporters argue that increasing exemptions would provide meaningful tax relief to property owners. They opine that the measure would provide much-needed relief for homeowners struggling as a result of years of rising insurance and housing costs, especially seniors.
Opponents warn that reducing the property tax base could put pressure on local governments that rely on those revenues to pay for services. Critics of the measure argue that the proposal would cause a critical loss of revenues for public safety, emergency services, and road maintenance, unless fees are raised elsewhere.
Regardless of the outcome of Amendment 3, our firm has been providing consistent guidance and counsel for over thirty years on proper title vesting and other strategies to maximize our client’s ability to claim the homestead, as well as other exemptions. If you have questions about this or other issues, please reach out to us anytime at (561) 988-0088 or info@gefenlaw.com. Based in Boca Raton, Florida, we serve clients throughout the Sunshine State with efficiency and expertise.
